TA Associates Announces the Acquisitions of Auction Technology Group (“ATG”) from ECI Partners and Proxibid from Primus Capital

BOSTON and LONDON, February 14,
2020 – TA Associates, a leading global growth private equity firm,
today announced the acquisitions of Auction Technology Group (“ATG”), a leading
online platform for auctions across Europe and the United States, from ECI
Partners (“ECI”), and Proxibid, an online marketplace for connecting buyers and
sellers across North America, from Primus Capital (“Primus”).

Both
ATG and Proxibid transactions closed on the 13th of February 2020. The
companies will be brought under the ATG umbrella with headquarters in London,
but will retain substantial operations in Omaha, Nebraska, where Proxibid is
headquartered. Both management teams are excited about the combination and believe
that their collective resources will benefit auctioneers and bidders through
increased technology investment and better auction results. As part of the
transaction, ECI reinvested in the combined entity and now holds a minority
stake. Financial terms of the transaction were not disclosed.

“The
auction market is at a unique point in its evolution, benefiting on one hand
from transformations in online selling technology and on the other from the
growing trend for buyers to seek unique and second use items,” said John-Paul
Savant, CEO of Auction Technology Group. “Combining ATG and Proxibid will give
us the resources to invest in better tools for auctioneers and accelerate
investment in marketing, which we believe will bring a steady stream of new
online bidders. The companies are a natural cultural fit, both valuing the provision
of a professional experience for our auctioneer and bidder clients.”

“The
combined resources of ATG and Proxibid will give us greater scale to compete
against competitors such as Ritchie Brothers,” said Ryan Downs, CEO of
Proxibid. “We will accelerate investment in the online tools that make
auctioneers a preferred route for the disposal of many industrial assets. The
combination also allows us to address a larger auctioneer base with our tools
such as Wavebid, our auction management solution.”

“TA
Associates is excited to bring together these two profitable and growing online
businesses,” said Morgan Seigler, a Managing Director at TA Associates. “With
their similar business models, technology and culture, as well as complementary
geography and sector focus, we believe that Proxibid and ATG are an excellent
match. In collaboration with ECI, we will aim to expand the businesses through
both organic and acquisitive growth, and accelerated international expansion.” As
part of this transaction, Mr. Seigler and Mr. Stefan Dandl, a Senior Vice
President at TA Associates, will join the ATG Board of Directors.

“We are thrilled to have been a partner with ATG through its
growth over the past five years, and are excited to welcome TA Associates as an
investor in the company,” said Tom Wrenn, a Partner at ECI Partners. “Market dynamics and the expected increases in online auction
penetration will provide a strong backdrop for the continued growth of ATG’s
digital marketplaces. In partnership with TA and the ATG management team, we
look forward to building on this market opportunity to continue ATG’s
impressive growth.”

A 2019
report from Art Basel and UBS found that the online art market reached a new
high of $6 billion in 2018, up 11% year-on-year, representing 9% of the value
of global sales. A recent survey of mid-tier auction houses also revealed that
over 85% of auction houses expect online sales to increase over the next five
years. In relation to the industrial equipment segment, a recent market study estimated
the global market for used equipment to be sized at over $300 billion.

ATG is transforming the way billions of
pounds, euros and dollars’ worth of secondary goods are bought and sold
globally via auction. A global technology company with over 140 employees, and
headquarters in London Bridge, ATG was the first to facilitate public auctions
online across five digital marketplaces globally (thesaleroom.com, i-bidder.com, BidSpotter.com, BidSpotter.co.uk, and Lot-tissimo.com). ATG’s platform powers live and timed
auctions across multiple verticals including Art and Antiques, Classic Cars,
Industrial & Commercial, and Consumer Retail Returns. We support more than
1,600 auctioneers in their businesses globally, bringing the online buying
community 8.9 million lots each year within a secure, fast and reliable online
infrastructure. For more information, please visit www.auctiontechnologygroup.com.

About Proxibid

Proxibid is the
most trusted platform for connecting buyers and sellers of highly valued
items. Since 2001, more than $45 billion in inventory has passed through
Proxibid’s platform via live and timed auctions and buy now|make offer
transactions. Proxibid’s Marketplace supports 16 categories, including heavy
equipment, industrial machinery, real estate, fine art, antiques and
collectibles, and more. Proxibid’s PoweredBy solution enables sellers to
integrate Proxibid’s marketplace technology into their websites, offering
custom development and more to bring ecommerce solutions to companies across
the globe. Founded in 2001, Proxibid is headquartered in Omaha, NE. For more
information about Proxibid, please visit www.proxibid.com.

About
TA Associates
TA Associates is a leading global growth private
equity firm. Focused on targeted sectors within five industries – technology,
healthcare, financial services, consumer and business services – TA invests in
profitable, growing companies with opportunities for sustained growth, and has
invested in more than 500 companies around the world. Investing as either a
majority or minority investor, TA employs a long-term approach, utilizing its
strategic resources to help management teams build lasting value in high
quality growth companies. TA has raised $33.5 billion in capital since its
founding in 1968 and is committing to new investments at the pace of over $2
billion per year. The firm’s more than 85 investment professionals are based in
Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA
Associates can be found at www.ta.com.

About
ECI Partners

ECI
Partners is the partner of choice for mid-sized growth businesses in the UK and
Ireland. It has an unrivalled track record in this space. ECI has achieved over
100 realisations since 1990 and is currently investing its eleventh buyout
fund. With offices in London and Manchester, ECI invests in growth companies
valued up to £200 million. We focus on technological and market disruption as
well as long-term structural trends in the TMT, business & financial
services, and consumer sectors. ECI Partners currently manages approximately
£1.7 billion on behalf of our institutional investors. Please find more
information on ECI’s recent investments at www.ecipartners.com.

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